The firm said it focuses on lead roles in early-stage deals but participates across all stages.
Portfolio positions include infrastructure projects DoubleZero and Monad, stablecoin application Payy, capital formation platform MetaDAO, and Alpen Labs, which DBA co-led with a $8.5 million round in January alongside Cyber Fund.
Why It Matters
DBA simultaneously disclosed a notable conflict of interest: in a governance proposal to reduce total HYPE token supply on the Hyperliquid network, the firm noted that "one or more of the investment funds managed by DBA hold a material position in the HYPE token, as do both of the co-authors personally."
The disclosure is relevant given that DBA is simultaneously advocating for a supply change that could affect token value.
The firm's portfolio reflects a concentrated bet on base-layer infrastructure, Bitcoin scaling, and decentralized exchange infrastructure - areas that have attracted significant capital over the past 12 months. DoubleZero, one of DBA's positions, closed a $28 million seed round in March led by Multicoin Capital and Dragonfly at a $400 million valuation.
DBA initially targeted $500 million for its first fund in 2022 before dramatically scaling back amid the broader market downturn.
The firm's two closed funds now total $118 million in committed capital - a more modest footprint compared to larger multi-strategy crypto vehicles, but consistent with its stated strategy of maintaining 10 to 15 concentrated positions at any given time.
Kostiantyn Tsentsura is a Content Writer at Yellow.com with over 8 years of experience in crypto, dedicating the last 4 years to writing about the industry. Based in Kyiv, he’s passionate about football, fishing, and kayaking. When he’s not tracking market trends or exploring crypto news, you’ll find him on the water—because even in crypto, sometimes it’s best to just go with the flow.
